Payroll entries Obj. 2 Widmer Company had gross wages of $320,000 during the week ended June 17.

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Payroll entries Obj. 2 Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $48,000. Tax rates are as follows:

Social security 6.0%

Medicare 1.5%

State unemployment 5.4%

Federal unemployment 0.8%

The total amount withheld from employee wages for federal taxes was $64,000.

a. Journalize the entry to record the payroll for the week of June 17.

b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.

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Corporate Financial Accounting

ISBN: 9781337398176

15th Edition

Authors: Carl Warren, Jefferson Jones

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